Ability to Afford the Basics a Concern for Many

A Hartford news release said 69.3% of those polled reported their
primary retirement concern is paying for food, shelter and other basic
needs – significantly greater than the 24.5% who gave that answer in a
2007 survey. Some 79.3% say they are less than confident that all of
their sources of retirement income combined (government pension plan,
employer pension plan, personal savings/assets) will be enough to pay
the bills – up from the 69.2% in a 2006 survey.

Getting enjoyment out of life plummeted from a high of 43.2% in
a 2007 survey to 13.4% who gave that answer this year. This year, 16.5%
see their retirement lasting more than 20 years, plummeting from 46.5 %
who said so five years ago;

According to the news release, 38.6% of respondents said Social
Security is the most important retirement income component, but 85.4%
said it won’t be enough to pay the bills.

“The growing dependence on Social Security indicates a search
for certainty in an uncertain world,” said John Diehl, senior vice
president of The Hartford’s Wealth Management division, in the news
release. “For many people, Social Security represents the last
remaining pillar of predictable retirement income after their pension
plans were terminated and their retirement savings were devastated.
People are desperately looking for something they can count on.”

Some 41.2% say they intend to work longer and delay retirement or work part time during retirement as a way to fund retirement.